Emaar rises to four-year high

Dubai: With Emaar Properties surging to more than a four-year high, Dubai benchmark index jumped the most in almost three weeks yesterday. The Dubai Financial Market Index rose 1.45 per cent to close at 1909.39.

Emaar Properties shares rallied 2.96 per cent to Dh 5.56, its highest close since October 2008, according to Bloomberg. It led the list of stocks with the highest turnover with 135.61 million shares of the company being traded on the day.

“The earnings outlook for the company is strong given the emirate’s property recovery,” Waleed Al Khateeb, Dubai-based senior finance manager at Daman Securities LLC, told Bloomberg.

Emaar has gained 48 per cent since the start of the year. Arabtec, after losing 21 per cent last week, climbed 0.94 per cent to Dh2.14.

Abu Dhabi

Abu Dhabi’s measure rose 0.40 per cent to 2982.43 as bank and real stocks gained yesterday. Last week, the index had witnessed a five day drop of 2.44 per cent.

Among the most active by value stocks, First Gulf Bank, Abu Dhabi Commercial Bank, Aldar Properties and Sorouh Real Estate rose the highest. First Gulf Bank jumped 1.98 per cent to Dh12.85; Abu Dhabi Commercial Bank gained 1.53 per cent to close at Dh3.98; Aldar posted 0.7 per cent gain to end at Dh1.44 and Sorouh climbed 0.57 per cent to Dh1.75.

Etisalat, the telecom operator, remained unchanged at Dh10.15.

However, a few prominent names figured in the list of stocks that declined. Abu Dhabi National Energy, also known as Taqa, tumbled 8.9 per cent to Dh1.33 and Agthia shed 3.92 per cent to Dh2.45.